Interest and Investment. This Section does not apply if the Applicant is a Post-secondary Institution, a Regional Innovation Network, a municipality, or part of the Government of Canada or the Government of Alberta Including any ministry, department, agency, or Crown corporation. For all other Applicants, if any portion of the Investment is paid to the Applicant before it is to be spent on Eligible Expenses, the Applicant shall hold or invest such funds in accordance with the Trustee Act (Alberta) requirements for Trustee investments, notwithstanding that the Applicant would not be a trustee. That is, the Applicant shall avoid undue risk, having regard to the Parties’ intention that the Investment be used to fund the Project. For clarity, there is no obligation for the Applicant to hold the funds in trust or in a separate bank account, or for it to account to Alberta Innovates for any interest or returns. The Applicant shall make reasonable efforts to apply any interest and other returns earned on such funds towards Project Costs.
Interest and Investment. The Applicant shall invest any portion of the Investment paid to the Applicant but not immediately required for the Project, in such a manner that the interest rate or other rate of return will be readily ascertainable.
Interest and Investment. The [SME OR Testing Site] Applicant shall invest any portion of the Investment paid to the [SME OR Testing Site] Applicant but not immediately required for the Project, in such a manner that the interest rate or other rate of return will be readily ascertainable.
Interest and Investment. If any portion of the Investment is to be paid to the Applicant before such funds are needed to cover Eligible Expenses, the Applicant will hold or invest such funds prudently in such a way as to avoid undue risk, having regard to the Parties’ agreement that the Investment be used to fund the Project and not the Applicant’s general operating expenses. For clarity, there is no obligation for the Applicant to hold the Investment in trust or in a separate bank account or for it to generally report to Alberta Innovates for any interest or returns, however the Applicant will make reasonable efforts to apply the interest or other returns towards Project Costs and may be required to return unspent portions of the Investment (including interest accumulated thereon) at the conclusion of the Term, per Section 4.8 below.
Interest and Investment. The Recipient shall invest any portion of the Grant Proceeds paid to the Recipient, but not immediately required for the Project, in a separate interest-bearing account or other prudent investment with a reasonable return in such a manner that is readily reportable to the Minister.
